R.I. median home price down in January

Single-family home prices in Rhode Island during the month of January fell to the lowest level in about seven years, according to a report from The Warren Group.

Single-family home prices in Rhode Island during the month of January fell to the lowest level in about seven years, according to a report from The Warren Group.

The median selling price for single-family homes in January fell 23.3 percent to $184,000 from $240,000 in January 2008. The last time the single-family median home price dipped below $184,000 was in May 2002. The 23 percent drop in monthly home prices exceeded the 21 percent decline in December 2008.

"January didn't deliver better news for Rhode Island's housing market. In fact, this is a pretty weak start for the 2009 housing market," said Timothy M. Warren Jr., CEO of The Warren Group.

Single-family home sales fell to a 17-year low for the month of January. Home sales dropped 8.8 percent to 371 from 407 in January 2008. The decline in single-family home sales was modest, however, compared to the drop-off in condo sales during the month. Condo sales plunged 44.4 percent to 70 from 126 in January 2008.

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